I did a really shit job explaining to my GF the reasons why Bitcoin can only ever have 21 million coins.
Anyone got a simple, succinct explanation for this?
The goal is to have it easy enough that ...
Next time you have wine and cheese with your girlfriend, try this:
Take a piece of cheese and say that it represents the current Bitcoin block subsidy, which is issued roughly every ten minutes when a miner finds a block. Bla bla bla, difficulty adjustment, bla bla bla, Satoshi invented time!
After 210,000 blocks, roughly four years, the code says to cut that in half. So, keep cutting that same remaining piece of cheese in half while romantically feeding half of the cheese to your girlfriend. You'll reach a point where you can't cut it in half anymore, because the cheese will pretty much disappear.
"What would the miners do if there's no more cheese?" I'm glad you asked! Bla bla bla, fees, bla bla bla...
Take a piece of cheese and say that it represents the current Bitcoin block subsidy, which is issued roughly every ten minutes when a miner finds a block. Bla bla bla, difficulty adjustment, bla bla bla, Satoshi invented time!
After 210,000 blocks, roughly four years, the code says to cut that in half. So, keep cutting that same remaining piece of cheese in half while romantically feeding half of the cheese to your girlfriend. You'll reach a point where you can't cut it in half anymore, because the cheese will pretty much disappear.
"What would the miners do if there's no more cheese?" I'm glad you asked! Bla bla bla, fees, bla bla bla...